Account Recovery
SEPTEMBER 13, 2023
The Federal Trade Commission has fined a pair of companies nearly $6 million for allegedly violating the Fair Credit Reporting Act by operating as consumer reporting agencies and providing information to companies that did not have permissible purposes to obtain that information.
Consumer Finance
SEPTEMBER 13, 2023
The Consumer Financial Protection Bureau (CFPB) issued a new report finding that students face risk when entering into agreements with colleges to spread the upfront cost of tuition into several, interest-free loan payments
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Account Recovery
SEPTEMBER 13, 2023
Judge Grants MSJ For Defendant in Case Over Failure to Remove Dispute Notification FTC Fines FCRA Violators $6M for Deceiving Users About Accuracy of Reports Arkansas Hospital Called Out by CNN for Collecting Too ‘Aggressively’ 23 Companies Seeking Collection Talent WORTH NOTHING: What you need to know about the new COVID boosters … A nutritionist […]
Credit Corp
SEPTEMBER 13, 2023
Learning how to build credit can help if you have a bad credit score or want to improve your current score. You can start by getting a secured credit card, becoming an authorized user, or getting a cosigner on a loan. If you have bad credit due to derogatory marks, those marks can stay on your credit report for up to seven to ten years, depending on the type of mark.
Speaker: Erika R. Bales, Esq.
When we talk about “compliance and security," most companies want to ensure that steps are being taken to protect what they value most – people, data, real or personal property, intellectual property, digital assets, or any other number of other things - and it’s more important than ever that safeguards are in place. Let’s step back and focus on the idea that no matter how complicated the compliance and security regime, it should be able to be distilled down to a checklist.
Account Recovery
SEPTEMBER 13, 2023
A District Court judge in Michigan has gone to great lengths to determine that a plaintiff who filed a Fair Debt Collection Practices Act lawsuit does not have standing to sue after the defendant failed to remove a dispute flag from the plaintiff’s credit report, ruling that the anxiety, humiliation, embarrassment, and stressed the plaintiff […]
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Account Recovery
SEPTEMBER 13, 2023
The largest public employer in Arkansas is being called out for dramatically increasing the number of collection lawsuits it has filed — potentially tied to its working with a collection agency — including suing some of its own employees, in yet another example of putting the focus of the problems associated with medical debt in […]
Micro Bilt
SEPTEMBER 13, 2023
There are many ways to determine someone's creditworthiness. Unfortunately, the same traditional methods are often used, excluding large groups of potentially reliable borrowers; that's where alternative credit scores can help. This contemporary scoring method gives lenders a modern way of measuring a consumer's creditworthiness using factors not traditionally considered.
Troutman Sanders
SEPTEMBER 13, 2023
Last year, a professional plaintiff obtained a judgment of over $828k in a case alleging 104 calls in violation of the Telephone Consumer Protection Act (TCPA). The district court in the Northern District of West Virginia found that the individual and corporate defendants failed to respond “fulsomely and accurately” to discovery requests and to comply with court orders pertaining to those requests.
Sawin & Shea
SEPTEMBER 13, 2023
When you are struggling to pay your bills, there may come a point where you are faced with deciding between bankruptcy vs foreclosure. Which decision you make or which one is the best decision can depend on your individual circumstances. If you choose bankruptcy, there are also different options depending on whether you choose a Chapter 13 bankruptcy or a Chapter 7 bankruptcy.
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Are you finding some snags in your collections process? With delinquencies, and the number of consumers looking for payment assistance on the rise, it may be time to consider an efficient cloud-based software to support your team. Learn how MeridianLink® Collect has helped financial institutions like yours streamline collections processes.
Troutman Sanders
SEPTEMBER 13, 2023
As discussed here , on July 7th the Consumer Financial Protection Bureau (CFPB), U.S. Department of Health and Human Services, and the U.S. Department of Treasury (collectively, the agencies) jointly issued a Request for Information (Request) seeking public comment on medical credit cards, loans, and other financial products used to pay for health care.
Collection Industry News
SEPTEMBER 13, 2023
Credit card companies are racking up losses at the fastest pace in almost 30 years, outside of the Great Financial Crisis, according to Goldman Sachs. Credit card losses bottomed in September 2021, and while initial increases were likely reversals from stimulus, they have been rapidly rising since the first quarter of 2022. Since that time, it’s an increasing rate of losses only seen in recent history during the recession of 2008.
Troutman Sanders
SEPTEMBER 13, 2023
On September 11, the Consumer Financial Protection Bureau (CFPB) announced that it issued a consent order against Tempoe, LLC, a nonbank consumer finance company, for alleged violations of the Consumer Financial Protection Act (CFPA), Consumer Leasing Act, and Regulation M. That same day, it was announced that Tempoe also entered into a parallel settlement with 41 states and the District of Columbia resolving a multi-state investigation into the same alleged misconduct.
Credit Corp
SEPTEMBER 13, 2023
There are five main factors that make up your credit score: the amount of debt you owe, your payment history, new credit inquiries, length of credit history, and credit mix. Credit mix, which is how diversified your credit accounts are, makes up about 10% of your credit score, which can make a big difference when you’re trying to boost your score.
Speaker: William Hord, Senior VP of Risk & Professional Services
Enterprise Risk Management (ERM) is critical for industry growth in today’s fast-paced and ever-changing risk landscape. When building your ERM program foundation, you need to answer questions like: Do we have robust board and management support? Do we understand and articulate our bank’s risk appetite and how that impacts our business units? How are we measuring and rating our risk impact, likelihood, and controls to mitigate our risk?
NACM
SEPTEMBER 13, 2023
Credit management is not a stand-alone operation. It is interconnected with various departments in order to achieve its financial goals for the company. This makes the role of a credit manager much more vital. By earning a certification through NACM's Professional Certification Program, credit professionals have the chance to expand their knowledg.
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